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Advanced analytics and better transparency into transactions a boon to financial institutions

SAS, the leader in business intelligence, today underscored its commitment to the financial services industry with the release of a new version of SAS Anti-Money Laundering. Complementing its recently announced SAS® Money Laundering Detection, the new offering includes several enhancements to help institutions worldwide fight against money laundering.

SAS Anti-Money Laundering now provides advanced analytics for detecting unknown types of behavior, enabling banks to better display the flow of funds between accounts so they can be more effective in identifying suspect relationships and high-risk accounts. Also, the advanced analytics offer scenarios that detect variances against normal behavior and expected activity, allowing banks to easily identify accounts having similar transaction behavior which may signal possible illegal money laundering activity.

Commenting on the Global launch of enhanced solution for Anti Money Laundering, Sudipta K. Sen, Managing Director & CEO, SAS Institute (India) Pvt. Ltd said, “We are extremely delighted to announce the launch of enhanced version of our Anti Money laundering solution in India. The new solution will help Indian banks to effectively monitor transactions for suspicious behavior, use advance analytics to identify new patterns and refine fraud alert engines. The solution will enable banks to efficiently manage potential fraud cases from detection through notification of the authorities thereby protecting shareholder confidence and maintain a strong reputation in the Industry.“

The new version also delivers better transparency into customer transactions, making it easier for banks to see cases that have been closed or suppressed in support of audit and regulatory review processes. In addition, SAS Anti-Money Laundering provides visual clues, including background attachments for an investigator to see if a case has been worked and/or requires urgent attention.

“SAS is known for listening to our customers and working with them on developing solutions to address specific business issues,” said David Stewart, director of SAS’ anti-money laundering program. “This new version of SAS Anti-Money Laundering is a reflection of suggestions and recommendations from global financial institutions customers on how we can make this solution more powerful.”

Installed directly or through an application service provider, SAS Anti-Money Laundering is a sophisticated anti-money laundering solution that can take mountains of information from all areas of a financial business, manage and refine that information, and turn it into usable knowledge that will help a business automatically identify and classify suspicious behavior. The solution offers an integrated and open-ended architecture that lets banks gather information across data sources, transform the appropriate data into real intelligence, detect suspicious activity and accurately alert investigators and authorities.

About SAS India
SAS has been in India since 1997 and currently has two wholly owned subsidiaries in the country: SAS India and SAS Global Services (SGS). With a team of more
than 200 technology and domain experts, SAS India operations are headquartered in Mumbai with regional offices in Bangalore, New Delhi and Pune. Its strong customer base in India, with more than 180 installations, includes such companies as Citibank N.A., GE Capital, GlaxoSmithKline, HDFC Bank, Hindustan Lever Ltd., Novartis, Reserve Bank of India Pfizer and Standard Chartered Bank, among others.

About SAS
SAS is the market leader in providing a new generation of business intelligence software and services that create true enterprise intelligence. SAS solutions are used at about 40,000 sites -- including 96 of the top 100 companies on the FORTUNE Global 500® -- to develop more profitable relationships with customers and suppliers; to enable better, more accurate and informed decisions; and to drive organizations forward. SAS is the only vendor that completely integrates leading data warehousing, analytics and traditional BI applications to create intelligence from massive amounts of data. For nearly three decades, SAS has been giving customers around the world The Power to Know®. Visit us at http://www.sas.com/